Income Tax Section 206AB

TDS / TCS 316 views 1 replies

1] U/s 206AB of Income Tax Act for FY 2022-23 one of the vendor shows status as "Specified Person" as Yes after releasing payment in April 2022

2] We communicate to Vendor through mail that for April 2022 payment TDS rate applicable to him u/s 194C is 5% instead of 2% . ( which was 50000)

3] Vendor inform us do not deduct TDS at higher rate and now on 24/05/2022 he has file his Income Tax Return for AY 2021-22.

4] Vendor have file Income Tax after we release the payment in April 2022.

5] Question arise for payment made in April 2022, whether we have to collect difference of TDS rate u/s 194C @ 3% (5-2)

Thanks in Advance

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